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11th Standard English Medium Accountancy Subject Trial Balance Creative 2 Mark Questions with Solution Part - II updated Creative Questions

Published on: 13/05/2022

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Std: 11th Standard - Accountancy

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

Name the different kinds of errors ..

Explain the principle on which the agreement of trial balance is based.

Do you think the trial balance tallies all the time? What should be done when it does not tally?

Analyse the Trial Balance. Can you identify accounts that have only debit balances/credit balances always?

Do you think that the ledger account postings are error free? If not, how do you make sure that the entries are correct?

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Answers Key:

Generic 2

5 x 2 = 10

Basis for the trial balance agreement: The fundamental principle of the double entry system is that every debit has a corresponding credit of equal amount and vice-versa.
Therefore, the total of all debit balances in different accounts must be equal to the total of all credit balances in different accounts, (Le.,) the total of the two columns should tally (agree).

The trial balance does not tally all the time. Sometime it will not tally, so the suspense account can be used to tally the trial balance temporarily.

(a) All assets, expenses and lossed have debit balance.
(b) All liabilities, gains and incomes have credit balance.

The ledger account postings are not error free. Every debit has equal credit balance in different name of account. According to dual aspect concept, the error can find out easy.